AUGUSTASIA BUSINESS OUTLOOK8PREFER RAISES $4.2M TO SCALE COCOA FLAVOR TECHNOLOGYHILTON AND AYALA UNVEILS CANOPY BY HILTON IN MAKATI, PHILIPPINESNEWSROOMNEWSROOMSingapore-based food tech startup Prefer has secured an oversubscribed US$4.2 million pre-series A funding round, co-led by At One Ventures and Chancery Hill Capital, with participation from Forge Ventures. This latest round brings Prefer's total equity raised to US$6.2 million.A spin-off from the Agency for Science, Technology and Research (A*STAR), Prefer specializes in creating flavors and ingredients from food manufacturing byproducts like rice and soy through fermentation technology. The fresh capital will be used to increase production capacity, further develop its proprietary cocoa flavor technology, and expand global partnerships -- with a strong focus on Asia.Prefer also announced the commercial launch of its soluble coffee and cocoa powders, aiming to tap into growing demand for sustainable and flavor-rich ingredients. The company currently supplies its products to FMCG brands, food manufacturers, private label retailers, and flavor houses.To strengthen international reach, Prefer has partnered with Ajinomoto in Thailand and The Coffee Ferm in Australia and New Zealand. These partnerships are expected to accelerate entry into new markets and scale its sustainable flavor solutions globally.With the food industry facing increasing pressure for sustainable production and innovative upcycled ingredients, Prefer's technology offers both environmental and commercial advantages, positioning it as a key player in the alternative cocoa and coffee ingredient market. Hilton and Ayala Land Hospitality have recently signed the Canopy by Hilton Metro Manila in Makati that is an economic and cultural gateway to main financial institutions, multinational companies and bustling pedestrian life within Metro Manila.Canopy by Hilton Makati is also set to open in 2026 to greet the skyline above the developing One Ayala, a dynamic new landmark development where culture, creativity and commerce collude in the most energetic neighborhood in Makati.The Canopy by Hilton has stylish stays with locally-connected stays and Canopy style which characterizes the spirit of the place.Having 40 hotels now open in 14 countries and territories and nearly 40 more underway, Canopy designed every hotel to be unique, custom-designed to the location. That spirit continues at Canopy Makati with an outlook that is founded on friendly hospitality, high energy and a contemporary outlook that is defined by a new boldness.The 24 storeys, 400 stylishly designed rooms and suites of the hotel will offer a combination of chic city retreats to large suites that merge modern conveniences with materials and art reflecting Manila culture and creative community. This hotel will also be a new place to focus on the social food scene in the city. A triumvirate of a destination restaurant, rooftop bar overlooking the skyline and secret speakeasy, all brimming with the eclectic spirit of Manila, can be found by locals and international visitors alike. Not mere dining and drinking locales, these areas will become the seat of the creativity that exists in Manila. Whether it is DJ sets or vogue social gatherings and contemporary cultural interventions, Canopy by Hilton Makati will be where the city mixes and forms."Introducing our Canopy brand by Hilton to the Philippines is a significant milestone, especially in such a vibrant junction in the heart of Makati. Metro Manila is ripe for a fresh perspective on hospitality, and we believe Canopy's lifestyle hotel will resonate with both local and international guests. This launch also marks the beginning of a meaningful partnership with Ayala Land Hospitality, who are passionate stewards of the Canopy vision," said Maria Ariizumi, Vice President, Development, South East Asia, Hilton. · Raised US$4.2M in oversubscribed pre-series A funding· Launched soluble coffee and cocoa powders for commercial sale· Formed global partnerships in Thailand, Australia, and New Zealand· Hilton and Ayala Land Hospitality to debut Canopy by Hilton in Makati by 2026.· 400-room lifestyle hotel to rise in One Ayala, blending local culture and modern design.· Canopy by Hilton Makati to feature rooftop bar, speakeasy, and Manila-inspired dining.
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